Vechain partners up with one of the worlds largest insurers

01 Sep, 2018
by Will Heasman
Vechain partners up with one of the worlds largest insurers

The Peoples Insurance Company of China (PICC) are looking to adopt blockchain technology, with the help of Vechain.

The China-based insurer is responsible for more than $126 billion assets and is now looking to revitalize the insurance sector by integrating blockchain technology into their infrastructure in order to replace their legacy systems.

Blockchain tech has been touted as a savior for many institutions who use outdated systems which yields many inefficiencies. PICC is one of many companies to realize the downfall of these systems, and one who looks to industrious and efficient new methods such as smart contracks and IoT protocols.

The PICC have devised a blockchain solution with the help of Vechain and DNV GL – an envoirmental companies which helps advance the sustainability of organizations and buissnesses.

Sunny Lu the co-founder of Vechain spoke of the alliance in a press release:

"Collaborating with PICC expands our business within the insurance industry. We are confident we will provide great service and products to PICC, together with DNV GL."

PICC’s choice of Vechain was due to the exisiting partnership between Vechain and DNV GL. PICC will use Vechainthor – Vechain’s blockchain - in order to digitally transform the insurance industry. George Kang CEo of DNV GL spoke of his companies role within the collaboration:

The role DNV GL plays is to ensure data integrity from the business operation perspective. In conjunction with VeChainThor Platform, we will provide a robust digital trust platform to assist PICC with enhanced data management and efficient data processing." 

Read more: Sunny Lu talks about the future of VeChain, hints at another automotive partner; Meet the enthusiast who will only sell his house for VeChain...;

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